Biopharma Veteran Ivor Macleod Joins SCYNEXIS as Chief Financial Officer

Rhea-AI Summary

SCYNEXIS, Inc. (NASDAQ: SCYX) announced the appointment of Ivor Macleod as Chief Financial Officer, bringing over 30 years of biopharma experience. Macleod will support the company's strategic shift towards hospital-based antifungal treatments, specifically ibrexafungerp, a first-in-class antifungal agent. He previously served as CFO at Athersys, Inc. and Eisai Inc. In connection with his appointment, he received stock options for 170,000 shares at $2.22 and 15,000 RSUs. The company also aims to expand BREXAFEMME's labeling to prevent recurrent vulvovaginal candidiasis, with a PDUFA date set for November 30, 2022.

Positive

• Appointment of Ivor Macleod as CFO brings extensive industry experience.
• Strategic focus on hospital segment indicated by development of ibrexafungerp.
• Positive forward-looking statement on potential shareholder value creation.
• FDA granted ibrexafungerp Fast Track and QIDP designations, supporting its market introduction.

Negative

• Transition of resources towards hospital segment could present short-term operational challenges.
• Change in CFO might lead to instability or shifts in company strategy during the transition period.

Brings deep industry experience spanning financial and operational roles to support Company and its new strategic direction

JERSEY CITY, N.J., Oct. 25, 2022 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ: SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today announced that Ivor Macleod, an accomplished biopharma industry executive, has joined the Company as Chief Financial Officer.

“We are thrilled to welcome Ivor to the SCYNEXIS management team,” said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. “Ivor has over 30 years of experience in the life sciences industry and has held multiple financial and operational roles, including supporting research and development, product launch, and subsequent commercialization. Ivor is a strong addition to the management team that will lead SCYNEXIS as we develop additional indications for ibrexafungerp, our groundbreaking first-in-class antifungal for severe, hospital-based indications and pursue a commercial partner for BREXAFEMME^® in vulvovaginal candidiasis.”

Mr. Macleod joined SCYNEXIS from Athersys, Inc. where he served as Chief Financial Officer since January of 2020. Previously he served as the Chief Financial Officer and Chief Compliance Officer of Eisai Inc., the U.S. pharmaceutical subsidiary of Eisai Co., Ltd., Prior to joining Eisai, he served as Vice President Finance - Merck Research Labs at Merck & Co., Inc. Before joining Merck, he served from 1998 to 2012 at F. Hoffmann-La Roche, Inc., in various roles, including as North American Chief Financial Officer from 2000 to 2011 and General Manager from 2010 to 2011.

“I’m excited to join SCYNEXIS during this important period as the organization shifts its resources to the hospital segment and executes on its critical mission to bring life-saving antifungal treatments to market,” Mr. Macleod said. “As one of the leading companies in the antifungal space, and the only company with a first-in-class antifungal approved in the market in the last 20 years, SCYNEXIS is poised to make a real difference in the lives of patients while pursuing a path to shareholder value creation. I’m thrilled to be a part of the team.”

In connection with this appointment, on October 24, 2022, Mr. Macleod was granted an option to purchase 170,000 shares of SCYNEXIS common stock at an exercise price of $2.22, the closing price of SCYNEXIS common stock on October 24, 2022. The option has a 10-year term, with one-fourth of the shares subject to the option vesting on the one-year anniversary of the date of grant and the remainder vesting in equal monthly installments for thirty-six months thereafter, provided Mr. Macleod continues to provide service to SCYNEXIS. In addition, Mr. Macleod was granted an equity award of 15,000 Restricted Stock Units (“RSUs”), one-third of which will vest on each of the first, second, and third anniversaries of the date of grant. The stock option and RSUs were granted pursuant to SCYNEXIS 2015 Inducement Award Plan, as amended in October 2022, which was adopted by the company's board of directors in March 2015 under Rule 5635(c)(4) of the Nasdaq Global Market for equity grants to induce new employees to enter into employment with the company.

Mr. Macleod replaces Larry Hoffman, who served as Interim CFO since late 2021.

About Ibrexafungerp

Ibrexafungerp [pronounced eye-BREX-ah-FUN-jerp] is an antifungal agent and the first representative of a novel class of structurally-distinct glucan synthase inhibitors, triterpenoids. This agent combines the well-established activity of glucan synthase inhibitors with the potential flexibility of having oral and intravenous (IV) formulations. Ibrexafungerp is in late-stage development for multiple indications, including life-threatening fungal infections caused primarily by Candida (including C. auris) and Aspergillus species in hospitalized patients. It has demonstrated broad-spectrum antifungal activity, in vitro and in vivo, against multidrug-resistant pathogens, including azole- and echinocandin-resistant strains. The U.S. Food and Drug Administration (FDA) granted ibrexafungerp Qualified Infectious Disease Product (QIDP) and Fast Track designations for the IV and oral formulations of ibrexafungerp for the indications of invasive candidiasis (IC) (including candidemia) and invasive aspergillosis (IA) and has granted Orphan Drug Designation for the IC and IA indications. Ibrexafungerp is formerly known as SCY-078.

About SCYNEXIS

SCYNEXIS, Inc. (NASDAQ: SCYX) is a biotechnology company pioneering innovative medicines to help millions of patients worldwide overcome and prevent difficult-to-treat infections that are becoming increasingly drug-resistant. SCYNEXIS scientists are developing the company’s lead asset, ibrexafungerp (formerly known as SCY-078), as a broad-spectrum, systemic antifungal for multiple fungal indications in both the community and hospital settings. SCYNEXIS has initiated the launch of its first commercial product in the U.S., BREXAFEMME^® (ibrexafungerp tablets). The U.S. Food and Drug Administration (FDA) approved BREXAFEMME on June 1, 2021. SCYNEXIS filed a supplemental New Drug Application (sNDA) to expand BREXAFEMME’s labelling to include the prevention of recurrent vulvovaginal candidiasis, and the FDA assigned a target PDUFA action date of November 30, 2022 for this additional indication. In addition, late-stage clinical investigation of ibrexafungerp for the treatment of life-threatening invasive fungal infections in hospitalized patients is ongoing. For more information, visit www.scynexis.com. 

CONTACT: 
Investor Relations
Irina Koffler
LifeSci Advisors
Tel: (646) 970-4681
ikoffler@lifesciadvisors.com

Media Relations
Debbie Etchison
SCYNEXIS
debbie.etchison@scynexis.com

FAQ

Who is the new CFO of SCYNEXIS?

Ivor Macleod has been appointed as the new Chief Financial Officer of SCYNEXIS.

What is the stock symbol for SCYNEXIS?

The stock symbol for SCYNEXIS is SCYX.

What are the recent developments regarding ibrexafungerp?

Ibrexafungerp is being developed for multiple conditions and received FDA designations to expedite its process in treating severe infections.

When is the PDUFA date for BREXAFEMME's additional indication?

The PDUFA date for BREXAFEMME's expanded labeling is set for November 30, 2022.

What stock options were granted to the new CFO?

Ivor Macleod was granted options to purchase 170,000 shares of SCYNEXIS stock at an exercise price of $2.22.